Petroleum production

The commercial operation of the LNG Terminal at the Alexandroupoli FSRU in northern Greece will begin on October 1, Gastrade CEO Kostis Sifnaios announced, following a visit to the terminal with the ambassadors of EU member-states, as well as Switzerland and Norway.

US interest in utilizing Alexandroupoli as a key liquefied natural gas (LNG) transportation hub in the Central and Southeast Europe region is highlighted by the agreement American company Venture Global announced to book 25% of the capacity to the new floating storage and regasification unit (FSRU).

Türkiye is expected to sign another long-term liquefied natural gas (LNG) supply agreement this week during Energy Minister Alparslan Bayraktar's visit to the U.S.

Bayraktar is scheduled to attend the Gastech Exhibition and Conference in Houston, Texas, which will take place between Sept. 17-19.

Imports of natural gas from Russia reached an all-time high energy equivalent of 3.69 terawatt-hours in July, at the expense of liquefied natural gas (LNG), which was supposed to lessen our dependence on Russian gas.

Recent developments in the Middle East have led to a renewed phase of uncertainty and have pushed liquefied natural gas (LNG) prices up.

September futures contracts on the Netherlands-based TTF exchange rose 16% last week, to levels not seen since December 2023.

Energy and Natural Resources Minister Alparslan Bayraktar has announced that there will be further hydrocarbon explorations in the western Black Sea this year.

One of the exploration sites is off the coast of the province of Rize, Bayraktar told private broadcaster A Haber, adding that they also identified a site to carry out exploration activity off Sinop.

A 9.5% increase in the LNG carrier fleet is projected by the end of 2024, with a driving order book to fleet ratio of 54.4%.

In May, natural gas imports to Europe from Russia surpassed those from the US for the first time since the onset of the Ukraine war, highlighting the EU's ongoing struggle to reduce reliance on Russian energy. Despite concerted efforts to cut ties with Russian fuels, one-off factors drove this shift, emphasizing the complexity of Europe's energy landscape, according to the Financial Times.

The cheap Russian natural gas that enters Greece from Sidirokastro, in Central Macedonia, through the TurkStream pipeline, put liquefied natural gas loads off the market in April.

Author: Vitalie Platon